Closed my fx positions.
The DAX index got above the neckline and ATH. The daily momentum might create a bullish cross, which would indicate the continuation of the rally, but it doesn't necessary mean that price action can't pause or even retrace. So the big picture is still open and should look out for the correction channel on the daily time frame (it can be drawn 2 ways in my opinion) and a bull trap as wave B of flat/triangle. I think these patterns may be ruled out if the market will go above 12500. Then this wave B scenario has a very slight chance and the market will go for the next target zone on the monthly chart (DAX perspectives). But bear in mind that a monthly candle can absorb a lot of movement in either way and the market triggered a daily bullish slingshots.
|DAX: h1-h4-d1 charts|
|DAX weekly chart - elliott channels|
My long got stop out. I think the DAX might make a sideway correction today. I have EURUSD short from 1.06768 (sl now at 1.0655) and USDJYP long from 120.20 (opened yesterday, sl at 120.14). I think today I'm just gonna manage these positions.
Bought long at 12225. Sl moved to 12221. M15 bullish slingshot is triggered.